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Sherwood Seeks Sale of 370 Lexington Ave.

NEW YORK CITY—“The area's convenience to transportation and its ability to provide quick access to all of Midtown is unparalleled,” Eric Anton, senior managing director of HFF—which is marketing the property—tells GlobeSt.com EXCLUSIVELY.

By Rayna Katz | Updated on June 04, 2015

NEW YORK CITY—Sherwood Equities and joint venture partner J.P. Morgan have put a Midtown East class A office building on the market. Spanning more than 310,000 square feet of space and 98% leased, 370 Lexington Ave. could fetch a $300 million purchase price, according to industry sources. The property is being marketed by HFF and is said to be best suited to small tenants.

It provides stable diversified cash flow but also features upside opportunities as 57% of the rent roll is scheduled to expire within the next three years, allowing the purchaser to capitalize on surging office rents in New York, according to HFF. More than 90% of the building has been pre-built to a high level of finish resulting in significant rent premiums, while also maintaining a significantly above market retention ratio.

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